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Fee Reductions for Super & Investments (S&I) Products
Following a review and simplification of fee structures and investment offerings, we’ve reduced the fees we charge for Super, Retirement Income and Investment products. For details of the fee reductions, click here.
The fee reductions were implemented for National Mutual Retirement Fund (NMRF) members, Super Retirement Fund (SRF) members and Resolution Life policyholders around the end of June 2024, with a small number of changes effective from their next policy anniversary. Members and policyholders will benefit from these fee reductions, depending on the product they hold.
The latest fees and costs information is available on the relevant product pages found under Superannuation, Retirement Income or Investment pages on the Products drop-down list at resolutionlife.com.au/performance.
Indexation of fees and thresholds effective 1 October 2024
Effective 1 October 2024, the fees and charges for Goldline and Provider products have been increased in line with movements in the Consumer Price Index (CPI).
Goldline Personal Superannuation Plan, Goldline Savings and Protection Plan:
| From 1 October 2024 | Currently |
Base quarterly administration charge | $20.94 | $20.22 |
Contractual annual premium charge** Maximum contractual annual premium charge**
|
0.525% per quarter (Policies with contractual annual premiums over $3,830 will have their administration charge calculated using the maximum of $3,830). |
0.525% per quarter (Policies with contractual annual premiums over $3,700 have their administration charge calculated using the maximum of $3,700). |
**Note: we recently removed the variable contractual annual premium charge component of the policy fee for Goldline Personal Superannuation Plan following a review of NMRF fees. This change will apply from members’ next policy anniversary. You can refer to your annual statement for details of the direct policy fees that apply for your plan.
Provider Personal Retirement Plan, Provider Top Up Retirement Plan, Provider Savings and Protection Plan, Provider Special Purpose Plan
| From 1 October 2024 | Currently |
Monthly policy fee | $7.36 | $7.11 |
Product news and other important information
Product fee changes
We’ve reduced fees to help lower the overall fees and costs of some products, and to help improve investment returns. Fee reductions were effective 1 December 2023 and 30 June 2024. Visit June fee reductions flyer for more information.
We’ll continue to review our fees, including administration and investment fees in line with APRA and Trustee expectations.
Pause to fee Indexation
Some member, administration and policy fees are indexed annually, based on Consumer Price Index (CPI), Australian Weekly Ordinary Time Earnings (AWOTE) or Average Weekly Earnings (AWE). Following a review, the indexation of these fees was paused, with effect from 1 July 2021 and will continue.
SuperTrace successor fund transfer into Super Retirement Fund
The benefits from SuperTrace Superannuation Fund were successfully transferred into the Super Retirement Fund on 19 April 2024.
ETSL, the trustee for both funds, made this decision to achieve greater efficiencies and economies of scale which are expected to result in improved outcomes for members.
Manage your policy online
We’re excited to provide you with access to the My Resolution Life online portal to stay in control of your policy. Easily access your account details in one place and make changes to your products when it’s convenient for you. If you are a SuperSelect, PensionSelect or Personal Super and Rollover Plan customer please contact us for access. For all other products, we will contact you in the second half of 2024 to confirm further details.
APRA Choice Heatmaps
In recent years the Australian Prudential Regulation Authority (APRA) has introduced measures to track how super funds are performing to improve outcomes for their members. This includes Choice Heatmaps which aim to provide transparency on member outcomes by comparing products across key metrics including investment returns, fees and costs, and product sustainability and includes products in SRF. The Heatmap can viewed at www.apra.gov.au/choice-heatmap
The Heatmap provides a point in time view of products as at 1 July 2023 and do not reflect more recent fee reductions implemented after 1 July 2023 on products in SRF. Improving member outcomes continues to be ongoing priority for SRF and we are actively reviewing opportunities to further reduce fees and improve financial outcomes for members.
Member Outcome Assessments
Trustees are required to publish Member Outcomes Assessments (MOAs) that assess superannuation and pension products on metrics including fees and costs, investment performance, claims management experience, sustainability and administration servicing. In March 2024, Equity Trustee Superannuation Limited (the trustee) published its MOAs for SRF products
MOAs reflect outcomes at a point in time- as at 30 June 2023 - and do not reflect more recent fee reductions implemented after this date on products in SRF. Improving member outcomes continues to be ongoing priority for SRF and we are actively reviewing opportunities to further reduce fees and improve financial outcomes for members.
Annual Member Meeting (AMM)
Your superannuation account is held with the Super Retirement Fund (SRF) and the Fund is responsible for monitoring and managing your account. SRF is overseen by a Trustee who operates in your best interests. The Trustee has an important role to play in the financial wellbeing of its members and is focused on achieving the best retirement outcomes. Equity Trustees Superannuation Limited, the Trustee for SRF, held its last Annual Member Meeting (AMM) on 6 February 2024 and published a video and minutes of the meeting on its website.
The AMM for the Financial Year ending 30 June 2024, will occur in early 2025. Further details on the next AMM will be issued to all members by mail.
Retirement Income Strategy
Our Retirement Income Strategy outlines how we intend to help our members, who are retired or are approaching retirement, to achieve a range of retirement objectives, including:
• Maximising your retirement income (taking into account the Age Pension and any other relevant income support payments, such as social security payments or veteran entitlements);
• Managing the risks to the sustainability and stability of your retirement income, including the risk of outliving savings and investment risks at different stages of retirement; and
• Having some flexible access to your savings during retirement.
Our Retirement Income Strategy will continue to evolve over time.
Inactive Low Balance Accounts
If your account balance is less than $6,000 and within the last 16 months you have not done any below, then your account may be deemed an inactive low-balance account and transferred to the Australian Tax Office (ATO):
• contributed or received an amount into your account
• changed your investment options
• elected to maintain insurance on the account
• made changes to your insurance coverage
• made or amended a binding beneficiary nomination.
To prevent the transfer of your funds to the ATO you will need to provide us with a written notice electing not to be a member of an inactive low-balance account. A written notice is valid for up to 16 months only. If you have already provided a written notice it is important to resubmit this notice every 16 months if you wish to maintain your account with us.
Legislative and Regulatory Changes
From 1 July 2024, both concessional and non-concessional contributions caps increased as follows:
Contribution Cap
2024-25
Concessional Contributions Cap
$30,000
Non-Concessional Contributions Cap
$120,000
Bring forward
$360,000 over 3 years
The total super balance for non-concessional contributions, remains unchanged at $1.9 million. The general transfer balance cap also remains unchanged at $1.9 million.
Further details on contributions can be found at ATO website.
Investment performance
Details of investment options and their performance are available here or on the My Resolution Life Portal.
For a printed version (free-of-charge) please call us on 133 731.
More information?
For more information about how to make the most of your super go to Insights.
Product news and other important information
Pause to fee Indexation
Some member, administration and policy fees are indexed annually, based on Consumer Price Index (CPI), Australian Weekly Ordinary Time Earnings (AWOTE) or Average Weekly Earnings (AWE). Following a review, the indexation of these fees was paused, with effect from 1 July 2021 and will continue. Applies to ex-AIA products only.
Manage your policy online
We’re excited to provide you with access to the My Resolution Life online portal to stay in control of your policy. Easily access your account details in one place and make changes to your products when it’s convenient for you. If you are an Income Select, Income Plan, Insurance Bond, Roll-Over Bond, Rollover Fund, Family Bonds, Corporate Super Bonds or Business Super Bonds customer, please contact us for access. For all other products, we will contact you in the second half of 2024 to confirm further details.
Legislative and Regulatory Changes
From 1 July 2024, both concessional and non-concessional contributions caps increased as follows:
Contribution Cap
2024-25
Concessional Contributions Cap
$30,000
Non-Concessional Contributions Cap
$120,000
Bring forward
$360,000 over 3 years
The total super balance for non-concessional contributions, remains unchanged at $1.9 million. The general transfer balance cap also remains unchanged at $1.9 million.
Further details on contributions can be found at ATO website.
Investment performance
Details of investment options and their performance are available here or on the My Resolution Life Portal.
For a printed version (free-of-charge) please call us on 133 731.
More information?
For more information about how to make the most of your super go to Insights.
What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.
